Vietnam strides towards cashless society with e-wallets boom

By Elaine Huang

Home to more than 96 million people, Vietnam is on the cusp of a mobile payment revolution, fuelled by an amalgam of factors, including a high smartphone penetration, and government’s vision of a cashless society.

Its people are young – 70% of Vietnam’s population are under the age of 35 – and tech-savvy, excited about a digitising society. In first-tier cities like Hanoi and Ho Chi Minh City, increasingly, consumers are becoming receptive to the idea of a digitalised society and lifestyle, thanks to the growth of e-commerce and mobile payment services.